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Legendary Sports Gambler's Insider Trading Case To Begin In Early 2017

Billy Walters Faces Spring Trial In New York


Famous Las Vegas sports bettor Billy Walters scored a small win in his insider trading case this month as his scheduled March trial approaches.

Federal prosecutors said that a FBI agent leaked confidential information to the press during the 2014 investigation into Walters, according to a report from The Wall Street Journal. He was charged about two years later.

It’s unlikely the indictment, which also includes wire and securities fraud, will be thrown out thanks to the FBI’s alleged violation of grand jury secrecy.

The former chairman of Dean Foods, who was also accused of insider trading, pleaded guilty and is cooperating with the government. Walters allegedly made $110 million from Davis’ tips.

Golfer Phil Mickelson, who had a gambling debt with Walters, agreed to pay back $1 million that the government said were ill-gotten gains from the scheme. Mickelson wasn’t charged.

Barry Berke, Walters’ lawyer, said in May that the charges against his client are based on “erroneous assumptions, speculative theories and false finger-pointing.”

“Bill Walters is a true American success story, whose extraordinary accomplishments as a lawful sports gambler have been widely recognized and lauded. Mr. Walters and his counsel look forward to his day in court," he said.